Question

What are the ways to conceal theft and what are the principles of internal control?

Answer 1

How theft Is Concealed in the Accounting Records
 The initial entry to record the transaction in the
accounting records must be made in 30 days of the
transaction.
 Bank reconciliations are most often done at the end of
the month. In the process of doing a bank
reconciliation, funds disbursed by the organization that
were not booked would be revealed.
 The initial entry in the accounting system is usually put
into a temporary spot (e.g., suspense account) and then
subsequently moved and placed in a final account that
will flow through to the financial statements.

Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control: The main internal control principles include:

Establish ResponsibilitiesMaintain RecordsInsure Assets by Bonding Key EmployeesSegregate of DutiesMandatory Employee RotationSplit Related Party ResponsibilityUse Technological ControlsPerform Regular Independent Reviews